Jim Bianco(@biancoresearch):Two follow-up thoughts Too many are OVER-analyzing Warsh's words and not appreciating that he is now 1 or 12 voters. Therefore, the mental model of how the Fed decides policy need updating. Powell wanted to stay quiet and fade into the background. He may not be afforded this luxury as he might be the swing vote on policy next month.

Jim Bianco

@biancoresearch

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Jim Bianco@biancoresearch

2026.08.29 17:23

Two follow-up thoughts Too many are OVER-analyzing Warsh's words and not appreciating that he is now 1 or 12 voters. Therefore, the mental model of how the Fed decides policy need updating. Powell wanted to stay quiet and fade into the background. He may not be afforded this luxury as he might be the swing vote on policy next month.